Business & Economics

Tower of Basel

The Shadowy History of the Secret Bank that Runs the World

Author: Adam LeBor

Publisher: PublicAffairs

ISBN: 161039254X

Category: Business & Economics

Page: 360

View: 3126

An investigative history of the Bank for International Settlements, the central bankers' own bank.
Business & Economics

Tower of Basel

The Shadowy History of the Secret Bank that Runs the World

Author: Adam LeBor

Publisher: PublicAffairs

ISBN: 1610392558

Category: Business & Economics

Page: 360

View: 1630

Tower of Basel is the first investigative history of the world's most secretive global financial institution. Based on extensive archival research in Switzerland, Britain, and the United States, and in-depth interviews with key decision-makers—including Paul Volcker, the former chairman of the US Federal Reserve; Sir Mervyn King, governor of the Bank of England; and former senior Bank for International Settlements managers and officials—Tower of Basel tells the inside story of the Bank for International Settlements (BIS): the central bankers' own bank. Created by the governors of the Bank of England and the Reichsbank in 1930, and protected by an international treaty, the BIS and its assets are legally beyond the reach of any government or jurisdiction. The bank is untouchable. Swiss authorities have no jurisdiction over the bank or its premises. The BIS has just 140 customers but made tax-free profits of 1.17 billion in 2011–2012. Since its creation, the bank has been at the heart of global events but has often gone unnoticed. Under Thomas McKittrick, the bank's American president from 1940–1946, the BIS was open for business throughout the Second World War. The BIS accepted looted Nazi gold, conducted foreign exchange deals for the Reichsbank, and was used by both the Allies and the Axis powers as a secret contact point to keep the channels of international finance open. After 1945 the BIS—still behind the scenes—for decades provided the necessary technical and administrative support for the trans-European currency project, from the first attempts to harmonize exchange rates in the late 1940s to the launch of the Euro in 2002. It now stands at the center of efforts to build a new global financial and regulatory architecture, once again proving that it has the power to shape the financial rules of our world. Yet despite its pivotal role in the financial and political history of the last century and during the economic current crisis, the BIS has remained largely unknown—until now.
Business & Economics

Tower of Basel

The Shadowy History of the Secret Bank that Runs the World

Author: Adam LeBor

Publisher: Hachette UK

ISBN: 1610392558

Category: Business & Economics

Page: 360

View: 4353

Tower of Basel is the first investigative history of the world's most secretive global financial institution. Based on extensive archival research in Switzerland, Britain, and the United States, and in-depth interviews with key decision-makers—including Paul Volcker, the former chairman of the US Federal Reserve; Sir Mervyn King, governor of the Bank of England; and former senior Bank for International Settlements managers and officials—Tower of Basel tells the inside story of the Bank for International Settlements (BIS): the central bankers' own bank. Created by the governors of the Bank of England and the Reichsbank in 1930, and protected by an international treaty, the BIS and its assets are legally beyond the reach of any government or jurisdiction. The bank is untouchable. Swiss authorities have no jurisdiction over the bank or its premises. The BIS has just 140 customers but made tax-free profits of 1.17 billion in 2011–2012. Since its creation, the bank has been at the heart of global events but has often gone unnoticed. Under Thomas McKittrick, the bank's American president from 1940–1946, the BIS was open for business throughout the Second World War. The BIS accepted looted Nazi gold, conducted foreign exchange deals for the Reichsbank, and was used by both the Allies and the Axis powers as a secret contact point to keep the channels of international finance open. After 1945 the BIS—still behind the scenes—for decades provided the necessary technical and administrative support for the trans-European currency project, from the first attempts to harmonize exchange rates in the late 1940s to the launch of the Euro in 2002. It now stands at the center of efforts to build a new global financial and regulatory architecture, once again proving that it has the power to shape the financial rules of our world. Yet despite its pivotal role in the financial and political history of the last century and during the economic current crisis, the BIS has remained largely unknown—until now.
Business & Economics

Banking On Basel

The Future of International Financial Regulation

Author: Daniel Tarullo

Publisher: Columbia University Press

ISBN: 0881324914

Category: Business & Economics

Page: 256

View: 7798

The turmoil in financial markets that resulted from the 2007 subprime mortgage crisis in the United States indicates the need to dramatically transform regulation and supervision of financial institutions. Would these institutions have been sounder if the 2004 Revised Framework on International Convergence of Capital Measurement and Capital Standards (Basel II accord)—negotiated between 1999 and 2004—had already been fully implemented? Basel II represents a dramatic change in capital regulation of large banks in the countries represented on the Basel Committee on Banking Supervision: Its internal ratings–based approaches to capital regulation will allow large banks to use their own credit risk models to set minimum capital requirements. The Basel Committee itself implicitly acknowledged in spring 2008 that the revised framework would not have been adequate to contain the risks exposed by the subprime crisis and needed strengthening. This crisis has highlighted two more basic questions about Basel II: One, is the method of capital regulation incorporated in the revised framework fundamentally misguided? Two, even if the basic Basel II approach has promise as a paradigm for domestic regulation, is the effort at extensive international harmonization of capital rules and supervisory practice useful and appropriate? This book provides the answers. It evaluates Basel II as a bank regulatory paradigm and as an international arrangement, considers some possible alternatives, and recommends significant changes in the arrangement.
Mathematics

The Tower of Hanoi – Myths and Maths

Author: Andreas M. Hinz,Sandi Klavžar,Uroš Milutinović,Ciril Petr

Publisher: Springer Science & Business Media

ISBN: 3034802374

Category: Mathematics

Page: 335

View: 9005

This is the first comprehensive monograph on the mathematical theory of the solitaire game “The Tower of Hanoi” which was invented in the 19th century by the French number theorist Édouard Lucas. The book comprises a survey of the historical development from the game’s predecessors up to recent research in mathematics and applications in computer science and psychology. Apart from long-standing myths it contains a thorough, largely self-contained presentation of the essential mathematical facts with complete proofs, including also unpublished material. The main objects of research today are the so-called Hanoi graphs and the related Sierpiński graphs. Acknowledging the great popularity of the topic in computer science, algorithms and their correctness proofs form an essential part of the book. In view of the most important practical applications of the Tower of Hanoi and its variants, namely in physics, network theory, and cognitive (neuro)psychology, other related structures and puzzles like, e.g., the “Tower of London”, are addressed. Numerous captivating integer sequences arise along the way, but also many open questions impose themselves. Central among these is the famed Frame-Stewart conjecture. Despite many attempts to decide it and large-scale numerical experiments supporting its truth, it remains unsettled after more than 70 years and thus demonstrates the timeliness of the topic. Enriched with elaborate illustrations, connections to other puzzles and challenges for the reader in the form of (solved) exercises as well as problems for further exploration, this book is enjoyable reading for students, educators, game enthusiasts and researchers alike.
Political Science

City of Oranges

Author: Adam LeBor

Publisher: Head of Zeus Ltd

ISBN: 1786695928

Category: Political Science

Page: 464

View: 4225

The old port of Jaffa, now part of Tel Aviv, was once known as the 'Bride of Palestine', one of the truly cosmopolitan cities of the Mediterranean. There Muslims, Jews, and Christians lived, worked, and celebrated together and it was commonplace for the Arabs of Jaffa to attend a wedding at the house of the Jewish Chelouche family or for Jews and Arabs to gather at the Jewish spice shop Tiv and the Arab Khamis Abulafia's twenty-four-hour bakery. Through intimate personal interviews and memoirs, letters, and diaries, Adam LeBor gives us a crucial look at the human lives behind the headlines and a vivid narrative of cataclysmic change.
Assignats

Fiat Money Inflation in France

Author: N.A

Publisher: Ludwig von Mises Institute

ISBN: 1610164490

Category: Assignats

Page: 95

View: 3229

History

Hitler's Secret Bankers

The Myth of Swiss Neutrality During the Holocaust

Author: Adam LeBor

Publisher: Citadel Press

ISBN: 9780806521213

Category: History

Page: 293

View: 9480

Based on newly declassified documents and archival research, Hitler's Secret Bankers reveals the full, hitherto unknown extent of Swiss economic collaboration with the Nazis during World War II. In this updated edition, readers discover how and why the Swiss finally buckled and agreed to pay $1.25 billion in compensation for the funds deposited by Holocaust victims in Swiss banks. In addition to the dispute over dormant accounts, Swiss banks provided to the Nazi war machine the foreign currency that paid for vital war materiel such as chrome and aluminum. The author also explains how the exposure of the myth of Swiss neutrality, in collaboration with the Nazis, triggered investigations into the role of the British regarding Holocaust victims and the part played by Germany and its failure to compensate the survivors of slave labor, as well as the upheaval in the art world, which failed to restore stolen paintings to their rightful owners.
Business & Economics

Lords of Finance

The Bankers Who Broke the World

Author: Liaquat Ahamed

Publisher: Penguin

ISBN: 1440697965

Category: Business & Economics

Page: 576

View: 7497

Winner of the 2010 Pulitzer Prize "A magisterial work...You can't help thinking about the economic crisis we're living through now." --The New York Times Book Review It is commonly believed that the Great Depression that began in 1929 resulted from a confluence of events beyond any one person's or government's control. In fact, as Liaquat Ahamed reveals, it was the decisions made by a small number of central bankers that were the primary cause of that economic meltdown, the effects of which set the stage for World War II and reverberated for decades. As yet another period of economic turmoil makes headlines today, Lords of Finance is a potent reminder of the enormous impact that the decisions of central bankers can have, their fallibility, and the terrible human consequences that can result when they are wrong. From the Trade Paperback edition.
Political Science

All the Presidents' Bankers

The Hidden Alliances that Drive American Power

Author: Nomi Prins

Publisher: Nation Books

ISBN: 156858749X

Category: Political Science

Page: 544

View: 8043

Prins shows how powerful Wall Street bankers partnered with presidents to became the unelected leaders of the 20th century.
Education

Princes of the Yen

Japan's Central Bankers and the Transformation of the Economy

Author: Richard Werner

Publisher: Routledge

ISBN: 131746219X

Category: Education

Page: 384

View: 8311

This eye-opening book offers a disturbing new look at Japan's post-war economy and the key factors that shaped it. It gives special emphasis to the 1980s and 1990s when Japan's economy experienced vast swings in activity. According to the author, the most recent upheaval in the Japanese economy is the result of the policies of a central bank less concerned with stimulating the economy than with its own turf battles and its ideological agenda to change Japan's economic structure. The book combines new historical research with an in-depth behind-the-scenes account of the bureaucratic competition between Japan's most important institutions: the Ministry of Finance and the Bank of Japan. Drawing on new economic data and first-hand eyewitness accounts, it reveals little known monetary policy tools at the core of Japan's business cycle, identifies the key figures behind Japan's economy, and discusses their agenda. The book also highlights the implications for the rest of the world, and raises important questions about the concentration of power within central banks.
Conduct of life

The Book of the Knight of La Tour-Landry

Compiled for the Instruction of His Daughters

Author: Geoffroy de La Tour Landry

Publisher: N.A

ISBN: N.A

Category: Conduct of life

Page: 227

View: 9874

Business & Economics

Other People's Money

The Corporate Mugging of America

Author: Nomi Prins

Publisher: The New Press

ISBN: 1595586628

Category: Business & Economics

Page: 342

View: 3559

Critical, independent voices are seldom found within the citadels of international finance. That’s what makes Nomi Prins unique. During fifteen years as an executive at skyscraping banks like Goldman Sachs, Bear Stearns, and Lehman Brothers, Prins never lost her ability to see the broader picture. She walked away from the game in 2002 out of disgust with the burgeoning corporate corruption, just as its magnitude was becoming clear to the public. In this acclaimed exposé, named one of the best books of 2004 by The Economist, Barron’s, Library Journal, and The Progressive, Prins provides fascinating firsthand details of day-to-day life in the financial leviathans, with all its rich absurdities. She demonstrates how the much-publicized fraud of recent years resulted from deregulation that trashed the rules of responsible corporate behavior, and not simply the unbridled greed of a select few. While the stock market roared on the back of phony balance sheets, executives made out like bandits and Congress looked the other way. Worse yet, as the new foreword to the paperback edition makes clear, everything remains in place for a repeat performance.
History

Why Growth Matters

How Economic Growth in India Reduced Poverty and the Lessons for Other Developing Countries

Author: Jagdish Bhagwati,Arvind Panagariya

Publisher: PublicAffairs

ISBN: 1610392728

Category: History

Page: 304

View: 5447

In its history since Independence, India has seen widely different economic experiments: from Jawharlal Nehru's pragmatism to the rigid state socialism of Indira Gandhi to the brisk liberalization of the 1990s. So which strategy best addresses India's, and by extension the world's, greatest moral challenge: lifting a great number of extremely poor people out of poverty? Bhagwati and Panagariya argue forcefully that only one strategy will help the poor to any significant effect: economic growth, led by markets overseen and encouraged by liberal state policies. Their radical message has huge consequences for economists, development NGOs and anti-poverty campaigners worldwide. There are vital lessons here not only for Southeast Asia, but for Africa, Eastern Europe, and anyone who cares that the effort to eradicate poverty is more than just good intentions. If you want it to work, you need growth. With all that implies.
Business & Economics

The Principles of Banking

Author: Moorad Choudhry

Publisher: John Wiley & Sons

ISBN: 0470827025

Category: Business & Economics

Page: 350

View: 9426

The ultimate guide for bank management: how to survive and thrive throughout the business cycle An essential guide for bankers and students of finance everywhere, The Principles of Banking reiterates that the primary requirement of banking—sound capital and liquidity risk management—had been forgotten in the years prior to the financial crash. Serving as a policy guide for market practitioners and regulators at all levels, the book explains the keys to success that bankers need to follow during good times in order to be prepared for the bad, providing in-depth guidance and technical analysis of exactly what constitutes good banking practice. Accessible to professionals and students alike, The Principles of Banking covers issues of practical importance to bank practitioners, including asset-liability management, liquidity risk, internal transfer pricing, capital management, stress testing, and more. With an emphasis on viewing business cycles as patterns of stable and stressful market behavior, and rich with worked examples illustrating the key principles of bank asset-liability management, the book is an essential policy guide for today and tomorrow. It also offers readers access to an accompanying website holding policy templates and teaching aids. Illustrates how unsound banking practices that were evident in previous bank crashes were repeated during the creation of the 2007-2008 financial market crisis Provides a template that can be used to create a sound liquidity and asset-liability management framework at any bank An essential resource for the international banking community as it seeks to re-establish its credibility, as well as for students of finance Explains the original principles of banking, including sound lending policy and liquidity management, and why these need to be restated in order to avoid another bank crisis at the time of the next economic recession Covers topics of particular importance to students and academia, many of which are marginally—if ever—addressed in current text books on finance Offers readers access to a companion website featuring invaluable learning and teaching aids Written by a banking practitioner with extensive professional and teaching experience in the field, The Principles of Banking explains exactly how to get back to basics in risk management in the banking community, essential if we are to maintain a sustainable banking industry. “engaging and interesting and, more importantly, easily understood, allowing a clear picture to emerge of how the principle or concept under discussion is to be applied in the real world.” - Graeme Wolvaardt, Head of Market & Liquidity Risk Control, Europe Arab Bank Plc
History

The Empire of the City

The Secret History of British Financial Power

Author: E. C. Knuth

Publisher: Book Tree

ISBN: 1585092622

Category: History

Page: 112

View: 2167

The author presents a behind the scenes look at the secretive international policies of the British government and how their past success allowed them to rise to the top of a vast secret order of World Finance. According to the author, he has pieced enough information together, presented in this book, which clearly shows that a colossal financial and political organization is run from an area of London called The City. Due to its power, The City is claimed to operate as a super-government of the world, and is said to play some kind of role or have influence in virtually every major world event. This book provides a birds-eye view of British international finance and how it really works, behind the scenes and hand-in-hand with various governments, political figures and financial organizations.
History

Gold Wars

The Battle Against Sound Money as Seen from a Swiss Perspective

Author: Ferdinand Lips

Publisher: Foundation for the Advancement of

ISBN: 9780971038004

Category: History

Page: 280

View: 9117

Gold Wars deals with gold's history, and especially the abandonment of gold-as-money under the modern welfare/warfare state. It shows how governments, fearing the affinity of free people for gold, fight it, thereby helping to destroy countries and the gold-mining industry.
Business & Economics

Basel IV

The Next Generation of Risk Weighted Assets

Author: Martin Neisen,Stefan Roth

Publisher: John Wiley & Sons

ISBN: 3527821406

Category: Business & Economics

Page: 400

View: 845

In December 2017 the Basel committee finalised its work on the reform of the Basel III framework. Together with requirements already published in 2015 and 2016, the Basel committee changes all approaches for the calculation of RWA and the corresponding Pillar III disclosure rules. This package of new standards from the Basel Committee, which is unofficially called "Basel IV", is now the most comprehensive package of modifications in the history of banking supervision. The banking industry will face major challenges in implementing these new rules. The second edition of the "Basel IV" handbook is updated with all publications up to March 2018 and also extensively enhanced with additional details, examples and case studies. The aim is to convince the reader that we are facing a new framework called "Basel IV" and not just a fine adjustment of the existing Basel III regulations. This book covers all new approaches for the calculation of RWA: - the standardised approach (CR-SA) and the IRB approach for credit risk, - the new standardised approach for counterparty credit risk (SA-CCR), - both the standardised approach and internal models approach from the "fundamental review of the trading book" (SBA and IMA) - the basic approach (BA-CVA) and standardised approach (SA-CVA) for the CVA risk, - all new approaches (SEC-IRBA, SEC-ERBA, SEC-SA, IAA) for securitisations (incl. STS), - the approaches for the calculation of RWA for equity positions in investment funds (LTA, MBA, FBA) - the new standardised approach for operational risk (SA-OpRisk) Because of the strong relation to the Pillar I requirements, the second edition covers the topics of interest rate risk in the banking book (IRRBB), large exposures and TLAC again. Additionally, the book contains a detailed description of the Pillar III disclosure requirements. With the aid of a high-profile team of experts from countries all over the globe, the complexity of the topic is reduced, and important support is offered.
History

"Complicity with Evil"

The United Nations in the Age of Modern Genocide

Author: Adam LeBor

Publisher: Yale University Press

ISBN: 0300135149

Category: History

Page: 352

View: 8030

From the killing fields of Rwanda and Srebrenica a decade ago to those of Darfur today, the United Nations has repeatedly failed to confront genocide. This is evinced, author and journalist Adam LeBor maintains, in a May 1995 document from Yasushi Akashi, the most senior UN official in the field during the Yugoslav wars, in which he refused to authorize air strikes against the Serbs for fear they would “weaken” Milosevic. More recently, in 2003, urgent reports from UN officials in the Sudan detailing atrocities from Darfur were ignored for a year because they were politically inconvenient. This book is the first to examine in detail the crucial role of the Secretariat, its relationship with the Security Council, and the failure of UN officials themselves to confront genocide. LeBor argues the UN must return to its founding principles, take a moral stand and set the agenda of the Security Council instead of merely following the lead of the great powers. LeBor draws on dozens of firsthand interviews with UN officials, current and former, and such international diplomats as Madeleine Albright, Richard Holbrooke, Douglas Hurd, and David Owen.This book will set the terms for discussion when UN Secretary General Kofi Annan steps down to make room for a new head of the world body, and political observers assess Annan’s legacy and look to the future of the world organization.
History

The Tower of Babel: Confirmed

Author: Michael Talley

Publisher: Lulu Press, Inc

ISBN: 1365136701

Category: History

Page: N.A

View: 9376

The story of the Tower of Babel and of the confounding of the languages is more than just a myth invented by someone trying to explain the existence of multiple languages. It is an actual historical event mentioned in the histories of multiple nations. Critics have often rejected the story because of its connection to the Old Testament, while ignoring other ancient documents from other cultures where the same story is told, often in connection to the flood. The chapter before the one where this event is described in Genesis contains a listing of the descendants of Noah in a document known as the Table of Nations. In this book, those nations will be traced through history using ancient sources whenever possible. This information will be combined with the history of man as written in DNA to confirm the truth of the story.